CNX-NIFTY-A TECHNICAL VIEW--17-8-2015

                                                                                                        16th, August, 2015

 CNX NIFTY           

 CLOSED AT 8518.55 ON 14-8-15.

Nifty’s movement was highly and unexpectedly volatile during the week ended on 14-8-15. It opened the week at 8577 and made a high of 8621.55 and then made a low of 8337.95 before closing the week at 8518.55. It went up by 162.70 points on the last day of the week which was surprising, therefore for cautious trader it is suggested to watch the market for a day or if not for the day then at least for two hours to take a trading call, but aggressive trader can try long call above 8510 and add on position if it sustain above 8533, the stop loss for long trade would be below 8470. Please get alerted in long trade below 8500 and avoid fresh long trade below 8470 for sure. It is important to mention here that the nifty will gather the sharp momentum and robust up move only if it moves above 8626.95 mark and sustain. 

Going up it will face resistance at 8555 / 8621.55 / 8626.95 / 8654.75 / 8670 & 8850 and moving down it will have good support at 8470 / 8337.95 / 8321.75 / 8315.40 / 8269 & 8195.65.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.